June 4, 2012 /PRNewswire-Asia/ -- WuXi PharmaTech (NYSE: WX), a leading pharmaceutical, biotechnology and medical device R&D services company with operations in
the United States, today commented on the conviction of a former employee for the theft of chemical compounds.
In 2011, a junior employee of WuXi PharmaTech, acting by himself, stole and sold for personal gain sample amounts of two patented chemical compounds made for a customer. Working together with the customer, WuXi PharmaTech cooperated with law enforcement authorities to identify the employee, who was apprehended and subsequently convicted under applicable Chinese law on May 22, 2012. The compounds in question were recovered.
WuXi PharmaTech has stringent intellectual property (IP) protection procedures and a zero-tolerance policy for any activity that damages the interests of its customers. This is the only known misappropriation of customer compounds in the company's 11 years of operations.
"We regret that one of our employees committed a crime on our premises," commented Dr. Ge Li, chairman and CEO of WuXi PharmaTech. "The strong and trusting customer relationships we have built over the past 11 years are based in part on our culture of commitment to IP security. As in any company, there will always be the risk of damage caused by a determined criminal. At WuXi PharmaTech, customer IP protection is our lifeline and we are committed to working closely with our customers to ensure the security of their projects."
Dr. Li noted that this was an isolated case involving sample amounts of two patented compounds whose chemical structures are available in their respective patent filings. The company treats any breach of security protocols with the utmost seriousness and is undertaking an ongoing review to strengthen security measures to ensure the protection of customer IP. In addition, the company is intensifying employee training and strengthening oversight of facilities through increasing the number of both regular and unannounced laboratory and office inspections.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV